Facebook
 
 

22.02.202118:24 Forex Analysis & Reviews: February 22, 2021 : EUR/USD Intraday technical analysis and trade recommendations.

Exchange Rates 22.02.2021 analysis

Recently, the EURUSD pair looked overbought while approaching the price levels of 1.2250 (138% Fibonacci Level).

That's why, conservative traders were advised to look either for SELL Positions around the previous price levels at 1.2330 (150% Fibonacci Level) in the previous article.

Recently, Bearish closure and persistence below 1.2160 was needed to abort the ongoing bullish momentum. This allowed the recent bearish movement to pursue towards 1.2050 which failed to offer sufficient bullish pressure.

The price zone around 1.2000 provided temporary bullish SUPPORT for the EURUSD. However, lack of bullish momentum was recently demonstrated. That's why, we were waiting for a bearish continuation Pattern.

Bearish persistence below 1.2000 enhanced temporary bearish movement towards 1.1960 where significant bullish rejection was expressed.

That's why, the recent bullish spike has pursued towards 1.2150 - 1.2175 (backside of the broken channel limit) where bearish rejection and a valid SELL Entry are anticipated.

Initial Bearish target would be located around 1.2020 while S/L should be placed above 1.2200

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.